Research On The Influence Of Asset Injection Through Private Placement On The Market And Financial Performance Of Listed Companies

In recent years,"private placement" has become the preferred way to re-financing equity becaue of its low threshold,low cost,high efficiency and other advantages.And most of the funds raised through this way will be used for injecting assets.With the completion of the split share reform,listed companies ushered in the upsurge of asset injection,and large-scale asset injection pushed up the scale of private placement financing.For the majority of small and medium investors,the asset injection in the end is good or bad?What role it has played by the capital market game?In this paper,the author analyzes the above problems and puts forward the reference for the rational investment of small and medium-sized investors through the research on the impact of the "incremental assets on the performance(including market performance and financial performance)of listed companies".This paper mainly studies the influence of fixed-type asset injection on the market performance and financial performance of listed companies in the way of theoretical analysis and empirical analysis,and draws the following main conclusions:Fixed-type asset injection has a significant stimulating effect on the listed stock price and can remain in a long time.However,in addition to the year in which the asset was injected,the impact of asset injection on the financial performance of listed companies significant declined.We can see the listed companies to carry out asset injection did not meet the pre-market speculation,bue has deteriorated the financial status of listed companies.It can be said that asset injection is increasingly becoming stock market speculation and market value management chip in today’s imperfect capital market.The results of the specific study include the following:(1)In terms of market performance(excess return on stock price):Regardless of short-term and long-term caliber,the excess market returns from injection of non-related assets is higher than that from injection of the relevant asset.The short-term market performance after the injection of large shareholders’ assets is not as significant as that of non-major shareholders.However,there is no significant relationship between long-term market performance and whether it is a asset injection of large shareholder.There is significant positive relationship between the short-term market excess returns and the size of the injected assets,but there is no significant relationship between the long-term market performance and the scale of capital injection.There is no significant relationship between short-term market performance and corporate attributes(state-owned enterprises or private enterprises).However,there is a significant negative correlation between long-term market excess returns and corporate attributes.The excess returns of private enterprises will be higher than those of state-owned enterprises.Whether the short-term or long-term caliber,the market excess returns and Tobin value of the company have significant negative correlation.(2)In terms of the financial performance of listed companies:Although the assets of the listed company’s financial performance significantly increased Due to the injection of assets into the consolidated statement,but after the first year of injection began to decline,after a slight rebound,but still not as good as the assets before the injection.Compared to the year before the asset was injected,the increase of financial performance after "Injection of irrelevant assets" or "the injection of assets of non-largest shareholder" is more obvious in the year the assets injected.In the second year after the injection,"The relationship between the injection of assets and the main business of listed companies" and "the change of financial performance score" have a negative correlation,"The scale of asset injection" and "the change of financial performance score" have a negative correlation,while the "The size of the original assets of listed companies" is positively correlated with the change of financial performance score.Towards the potential risks of the deviation of share price and financial performance after the assets of the listed company are injected,this paper argues that it is important to strengthen the supervision and auditing of the assets injection of listed companies,to improve the information disclosure of listed companies,to avoid large shareholders hollowed out listed companies through asset injection,So as to provide a good investment environment for the capital market,while investors should rationally treat the assets injection of listed companies and avoid blindly follow the trend,and guide investors form healthy concept of value investment.The innovation of this paper mainly lies in:(1)In the past,many literatures did not reasonably distinguish between market performance and financial performance when studying the impact of asset injection on the performance of listed companies.Some have even replaced financial performance directly with market performance.Foreign has mature capital market,the long-term reflection of its share price can indeed better measure the financial performance of listed companies change.But the development of China’s capital market is not perfect,So there will be deviation if simply replace financial performance with stock price.In this paper,the study found that the two are not two concepts,and even have the opposite effect of the results.(2)While studying the influence of fixed-type asset injection on the market performance,this paper introduces the two variables:the nature of the enterprise,the relationship between the injected assets and the original main business,This helps to understand the impact of different types of asset injection on the market performance of listed companies.(3)In the past,many of the literatures have few samples(most of the samples were between 70-100 and and generally only covered for 2 years).The number of samples and the covered time of the sample are greatly improved compared with previous literature.So the results are more reliable.